纯苯苯乙烯日报：纯苯港口库存再度累积-20251104

Report Industry Investment Rating No relevant content provided. Core View of the Report - Pure benzene port inventory has rebounded this week, indicating weak downstream提货 demand. Styrene is in the maintenance period, and the operation rates of caprolactam and phenol are still low. On the supply side, the domestic pure benzene operation rate has bottomed out and rebounded [3]. - Styrene is under short - term maintenance, but port arrivals are still acceptable. The decline in port inventory is due to a short - term increase in downstream提货. However, the operation of ABS remains at a low level, the operation of PS further decreases, and the inventory pressure of the three hard - plastic finished products is still high. The continuous performance of downstream提货 remains to be observed [3]. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - The report presents figures on pure benzene's basis and futures contract price, pure benzene's basis, spot - M2 paper cargo spread, and pure benzene's inter - period spread between the first and third contracts [8][11]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures show the naphtha processing fee, the spread between pure benzene FOB Korea and naphtha CFR Japan, styrene's non - integrated production profit, and various internal - external spreads of pure benzene and styrene [17][20][27]. III. Inventory and Operation Rates of Pure Benzene and Styrene - Pure benzene's East China port inventory is 12.10 tons (+3.60 tons), and its operation rate has bottomed out and rebounded. Styrene's East China port inventory is 179,300 tons (-13,700 tons), East China commercial inventory is 109,800 tons (-11,200 tons), and its operation rate is 66.7% (-2.5%) [1][34][36]. IV. Operation and Production Profits of Styrene's Downstream - EPS production profit is 255 yuan/ton (+0 yuan/ton), PS production profit is - 45 yuan/ton (+0 yuan/ton), ABS production profit is - 144 yuan/ton (+24 yuan/ton). EPS operation rate is 62.24% (+0.27%), PS operation rate is 52.00% (-1.80%), ABS operation rate is 72.10% (-0.70%) [2]. V. Operation and Production Profits of Pure Benzene's Downstream - Caprolactam production profit is - 1870 yuan/ton (-70), phenol - acetone production profit is - 478 yuan/ton (+0), aniline production profit is 1098 yuan/ton (+48), adipic acid production profit is - 1178 yuan/ton (-63). Caprolactam operation rate is 86.05% (-2.84%), phenol operation rate is 78.00% (+0.00%), aniline operation rate is 78.57% (+2.09%), adipic acid operation rate is 58.00% (+2.20%) [1]. Strategy - Unilateral: Cautiously short - sell and hedge BZ and EB at high prices. - Basis and inter - period: No strategy. - Cross - variety: No strategy [4].